A manufacturing company prepays its insurance coverage for a three-year period.The premium for the three years is $2,700 and is paid at the beginning of the first year.Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities.What amounts should be considered product costs and period costs respectively for the first year of coverage? 
Definitions:
Dead Metaphor
A metaphor that has been used so often it has lost its original figurative meaning and is taken literally.
Literal Meaning
The explicit or direct meaning of a word or text, without the use of metaphor, exaggeration, or any other figure of speech.
Metaphor
A figure of speech in which a word or phrase is applied to an object or action to which it is not literally applicable.
Concept
A theoretical notion that captures the core features of its subject.
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